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Development Update: Metro Place

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A year after Bank of America put the foreclosed remnants of Metro Place up for sale at Roosevelt & Campbell, west of the Illinois Medical District, Chicago-based Eco Development, Inc. has purchased the acreage for $1.06M. That's a good get considering the asking price was $1.65M for 4.7 acres with zoning in place for 14 single-fams, 59 townhomes, and nine 6-unit condo buildings. Eco is the company behind Smart Tech Homes, which has been awfully active in energy-efficient home construction in the East Village and elsewhere. Manager Andrew Stetsyuk tells Crain's that his company's repositioning of the site plan will keep close to the earlier mix, and that construction could begin this year. All of Metro Place's existing homes (17 single-fams and one 6-unit condo building) have sold, which may bode well for the nebulous area's gradual ascendency. [Crain's, previously]